Arcapita to Issue $200 Million Sukuk

MANAMA, 28 June 2005 — Bahrain-based Arcapita Bank said yesterday it has mandated banks to arrange a five-year $200 million Murabaha-backed Islamic bond (Sukuk). A bank statement said Arcapita was seeking a pricing of 175 basis points over three-month LIBOR for the multi-currency facility with a bullet maturity. The multicurrency instrument includes the US dollar, the euro and the pound sterling. It said Bayerische Hypo-und Vereinsbank, Standard Bank, and WestLB AG are the mandated lead arrangers. Arcapita, which is not listed on the stock market, was formerly known as First Islamic Investment Bank.